Ocean Front $318,000 and up - Condo Hotel
Legacy Hotel & Residences will be both a luxury hotel and a residential tower featuring a 255-room hotel and above it, 278 branded residences. The 278 MicroLuxe® turnkey units will come all finished and furnished, have no rental restrictions, and will allow access to all rental booking platforms such as Airbnb, HomeAway and VRBO (Vacation Rentals by Owner).
The hotel will be situated in the middle of Miami Worldcenter, the largest mixed-use development in the U.S. after New York’s Hudson Yards.
This luxury product will offer four components that are unique in Miami: A rooftop atrium with a cantilevered glass sky pool; an international business lounge; a wellness and medical center; and a one-acre pool deck with three pools, a restaurant and two bars.
Condo Hotel Units:
|Floor Plan/Type||Sq. Ft.||View||First Release
|Studio/1 Bath||362||North or south facing||$318,000-$332,000|
|1 Bed/1 Bath||486 or 487||East, north or west||$424,000-$447,000|
|2 Bed + Terrace/2 Bath||686 or 786||Southwest & northeast||$600,000-$636,000|
|2 Bed Duplex/2 Bath||950||Northeast & northwest||$780,000-$880,000|
Units Range in Sq. Ft. From: 362 To: 950
Units Range in Price: From: $318,000 To: $880,000
Stories: 50 stories in total with the residences and duplexes on levels 26-39.
No. of Units: Located within the 27-acre, Miami Worldcenter, The Legacy Hotel will have 278 residences and 255 hotel rooms.
Seller Leaseback Program: Buyers can elect to lease the unit back to the developer for a guaranteed return of 8% of their purchase price, or approximately a 5% net return, for 24 months.
Intended Star Rating: Expected to be a 4.5 star quality property
Construction Start Date: Estimated to be June or July 2020
Completion Date: Between the 2nd and 3rd quarter of 2023
Hotel Features/Amenities: Legacy Hotel & Residences will be part of Miami Worldcenter, which will be a magnetic destination for tourists and business visitors in the heart of downtown. The master plan includes a convention center, entertainment, restaurants and high-end retail, all helping to drive reservation demand year round.
This is the biggest mixed-use development in the U.S. after New York’s Hudson Yards. Projected to be nearly complete by 2021, the enormous 10-block, $2 billion multi-use development in downtown Miami is well under construction already, with over 800 workers on the job site every day.
Miami Worldcenter will include:
- World Promenade: Regional fashion retailers anchored by regional and local high-end restaurants
- Entertainment hub: 90,000 sq. ft. of world class entertainment including a food hall, experience-oriented activities and a Citizen M Hotel
- Rooftop restaurant with exciting chef-driven and best-in-class restaurants
- Worldsquare: The heart of Miami Worldcenter used for community gatherings, open markets and concert
- 7th St. Promenade for daily necessities: hair salon, nail bar, coffee shops, ice cream shops, banks, and corner restaurant
- Marriott Marquis Hotel & Convention Center: 600,000 sq. ft. of convention space with 1,800 luxury hotel rooms
- Virgin Trains: Express passenger rail service between Miami, Fort Lauderdale, West Palm Beach and Orlando
Legacy Hotel & Residences will have superior offerings with special features unique to Miami.
- The Atrium – A seven-story, fully-enclosed glass atrium overlooking downtown Miami and encompassing a pool, restaurant and Skybar.
- Glass Pool – A cantilevered glass pool in the atrium that hangs off the rooftop deck and offers incredible views of the city skyline from 50 stories above.
- Miami’s Largest Pool Deck – Spanning one full acre, the pool deck will be set on top of a nine-story podium. It will include three pools, a restaurant and two bars.
- International Business Lounge – A tailored setting for intimate social and business gatherings.
- VIP Wellness and Medical Center – Access to the best practitioners and technology for health, beauty, vitality and longevity for a holistic lifestyle. Includes a fitness center and full-service spa.
- Technology-driven services – A high-tech approach to real-time communication and connectivity. You’re just a click away from a reservation, concierge, check-in arrival and more.
Hotel Services: Legacy Hotels & Residences is developing a technology-driven approach to real-time communication and connectivity for both guests and owners. Everyone will be just a click away from a reservation, concierge, check-in arrival and much more. Legacy is the first high-end, high-touch hotel and residence experience that incorporates a holistic lifestyle and guest experience that energizes the mind and calms the spirit.
Unit Features: Microluxe® rooms will offer the functionality of a micro-style home with the high-quality design and superior finishes of an elite luxury condominium.
State-of-the-art digital resources and ergonomic integration will be woven into living spaces that marry a refined quality of life with commercial practicality and ease of ownership. All residences will be equipped with a full kitchen and washer and dryer combinations.
Location: Just a short distance from Brickell Ave., South Beach, Wynwood, Design District and Little Havana, Miami Worldcenter is at the center of it all.
- Minutes from the Miami International Airport
- Conveniently located next to I-95 and I-395
- Virgin Miami Central Station — New trains transporting visitors from Miami to Orlando in three hours with expansion coming – 10 million projected visitors
- Metrorail and Metromover stations
Legacy is in close proximity to:
- The American Airlines Arena – NBA Miami Heat and year-round concerts
- Phillip and Patricia Frost Museum of Science
- Adrienne Arsht Center for the Performing Arts
- Freedom Tower – Contemporary art museum
- Maurice A. Ferré Park – 30-acre public park
- Perez Art Museum – modern and international art
- Miami Bayside – Miami’s #1 visited attraction; shops, restaurants, bars
- Port of Miami – Largest cruise ship passenger port in the world
- Brickell City Centre – $1.05 billion shopping, dining, entertainment area
- Bayfront Park – 32-acre public park
Maintenance: Approx. $.90 per sq. ft. A complete list of everything included is still TBD.
Real Estate Taxes: Taxes will be approximately 2% of the assessed value of the residence.
Living Restrictions: There are no living or rental restrictions. Legacy Hotels & Resorts is developing a proprietary system that allows owners to handle rentals and manage things themselves. Owners can use third parties such as Airbnb, VRBO and HomeAway or the You hotel brand to handle rentals.
Rental Return: Legacy will have a hotel rental program. The seller is also offering a leaseback program with guaranteed returns for 2 years at 8% gross, which is about 5% net.
Developer: Royal Palm Companies is an award-winning real estate developer and enjoys a 40-year reputation of creating exquisite, large-scale, amenity-rich properties. Since the 1970s, Royal Palm Companies has completed more than 50 different developments, representing more than 6,000 income-producing units, and totaling more than $2.5 billion in asset value.
Among its projects is the 60-story Paramount Miami Worldcenter tower where more than 95% percent of the 562 condo units have been sold.
Architecture: Kobi Karp has created an architecturally iconic building that is part of Miami Worldcenter.
Interior Design: Interior design will be handled by ID & Design International.
Management: Pivot Hotels & Resorts manages 33 luxury hotels throughout the United States.
- 10% at reservation now
- 10% at contract in about 30-45 days
- 10% at groundbreaking, tentatively June/July 2020
- 10% at 9th floor pool deck
- 10% at top-off
50% at closing the 2nd to 3rd quarter of 2023
For more information or to arrange a site tour contact Joel Greene at Condo Hotel Center